I 

118TH CONGRESS 

2D SESSION H. R. 9148 

To amend the Investment Advisers Act of 1940 to provide an exemption 

from the registration requirements under that Act to certain advisers 

of private funds, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 25, 2024 

Mr. GARBARINO introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To amend the Investment Advisers Act of 1940 to provide 

an exemption from the registration requirements under 

that Act to certain advisers of private funds, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Tailoring for Main 

5 Street’s Investors Act’’. 


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1 SEC. 2. EXEMPTION. 

2 Section 203 of the Investment Advisers Act of 1940 

3 (15 U.S.C. 80b–3) is amended by adding at the end the 

4 following: 

5 ‘‘(o) EXEMPTION FROM REGISTRATION FOR CER6 TAIN PRIVATE FUND ADVISERS.— 

7 ‘‘(1) IN GENERAL.—The Commission shall pro8 vide an exemption from the registration require9 ments under this section to any investment adviser 

10 of private funds, if— 

11 ‘‘(A) the investment adviser acts solely as 

12 an investment adviser to private funds and has 

13 assets under management in the United States 

14 of less than $5,000,000,000; 

15 ‘‘(B) each of the investors in each such 

16 private fund is— 

17 ‘‘(i) a qualified purchaser, as defined 

18 in section 2(a) of the Investment Company 

19 Act of 1940 (15 U.S.C. 80a–2(a)); 

20 ‘‘(ii) an accredited investor, as defined 

21 in section 230.501(a) of title 17, Code of 

22 Federal Regulations, or any successor reg23 ulation; or 

24 ‘‘(iii) an investment professional that 

25 is licensed by a national securities associa26 tion registered pursuant to section 15A(a) 


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•HR 9148 IH

1 of the Securities Exchange Act of 1934 

2 (15 U.S.C. 78o–3), if the Commission de3 termines that the inclusion of such invest4 ment professionals would be appropriate; 

5 and 

6 ‘‘(C) none of those private funds offers any 

7 investor of the private fund redemption or simi8 lar liquidity rights, except in extraordinary cir9 cumstances. 

10 ‘‘(2) REPORTING.—The Commission shall re11 quire investment advisers exempted by reason of this 

12 subsection to maintain such records and provide to 

13 the Commission every 2 years such reports as the 

14 Commission determines necessary or appropriate in 

15 the public interest or for the protection of investors, 

16 except that the requirements under this paragraph 

17 shall be no greater, and no more burdensome, than 

18 those under subsection (m)(2).’’. 

19 SEC. 3. REPORTING FOR SMALLER ADVISERS. 

20 (a) DEFINITIONS.—In this section: 

21 (1) COMMISSION.—The term ‘‘Commission’’ 

22 means the Securities and Exchange Commission. 

23 (2) COVERED ENTITY.—The term ‘‘covered en24 tity’’ means an entity that is required to submit 

25 Form ADV. 


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1 (3) FORM ADV.—The term ‘‘Form ADV’’ 

2 means the form described in section 279.1 of title 

3 17, Code of Federal Regulations, or any successor 

4 regulation. 

5 (b) FREQUENCY OF FILING.—Notwithstanding any 

6 other provision of law or regulation, beginning on the date 

7 of enactment of this Act, a covered entity that has less 

8 than $1,000,000,000 in assets, as of the last day of the 

9 most recent fiscal year of the entity, shall be required to 

10 file Form ADV with the Commission not more frequently 

11 than once every 2 years. 

12 (c) SHORT FORM.—Not later than 280 days after the 

13 date of enactment of this Act, the Commission shall de14 velop a short form version of Form ADV that a covered 

15 entity that has less than $1,000,000,000 in assets, as of 

16 the last day of the most recent fiscal year of the entity, 

17 may use to file Form ADV with the Commission. 

Æ 


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